Overview and Scope
Motor vehicle and parts dealers refers to merchants that sell automobiles, other motor vehicles, automotive parts, accessories, and tires to ultimate users. The companies in the industry typically operate from showrooms where vehicles and related parts are displayed.
Sizing and Forecast
The motor vehicle and parts dealers market size has grown strongly in recent years. It will grow from <b>$4935.17 billion in 2023 to $5323.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. </b> The growth in the historic period can be attributed to economic conditions, technological advancements, interest rates, consumer preferences, environmental regulations.
The motor vehicle and parts dealers market size is expected to see strong growth in the next few years. It will grow to <b>$7074.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. </b> The growth in the forecast period can be attributed to electric vehicles (evs), digital sales and service, autonomous vehicles, sustainability and green initiatives, shared mobility, innovation in automotive retail. Major trends in the forecast period include online sales and digital showrooms, autonomous and connected vehicles, sustainability and green initiatives, increased emphasis on safety features.
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Segmentation & Regional Insights
The motor vehicle and parts dealers market covered in this report is segmented –
1) By Type: Auto Parts And Accessories, Automobile Dealers, Other Motor Vehicle Dealers
2) By Ownership: Retail Chain, Independent Retailer
3) By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
<b>Asia-Pacific</b> was the largest region in the motor vehicle and parts dealers market in 2023. North America was the second-largest region in the motor vehicle and parts dealers market. The regions covered in the motor vehicle and parts dealers’ market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
Motor vehicle and parts dealers are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, it would become easier for motor vehicle and parts dealers to identify and meet the needs and expectations of their customers. This is expected to drive the market going forward.
Key Industry Players
Major companies operating in the motor vehicle and parts dealers market include <b> Penske Automotive Group Inc., AutoNation Inc., CarMax Inc., AutoZone Inc., Lithia Motors Inc., O’Reilly Automotive Inc, Group 1 Automotive Inc., Jardine Cycle & Carriage Limited, Advance Auto Parts Inc., Sonic Automotive Inc., General Motors Company, Ford Motor Company, Toyota Motor Corporation, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Fiat Chrysler Automobiles N.V, Hyundai Motor Company, Kia Motors Corporation, Volkswagen AG, BMW AG, Tesla Inc., Subaru Corporation, Mazda Motor Corporation, Mitsubishi Motors Corporation, Isuzu Motors Limited, Suzuki Motor Corporation, Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland Limited, Scania AB, Volvo AB, PACCAR Inc, Navistar International Corporation.</b>
The motor vehicle and parts dealers market report table of contents includes:
1. Executive Summary
2.Motor Vehicle And Parts Dealers Market Characteristics
3.Motor Vehicle And Parts Dealers Market Trends And Strategies
4. Motor Vehicle And Parts Dealers Market analysis
5. Motor Vehicle And Parts Dealers Market Size And Growth
6. Motor Vehicle And Parts Dealers Segmentation
7. Motor Vehicle And Parts Dealers Regional And Country Analysis
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27.Motor Vehicle And Parts Dealers Competitive Landscape And Company Profiles
28.Motor Vehicle And Parts Dealers Key Mergers And Acquisitions
29.Motor Vehicle And Parts Dealers Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Penske Automotive Group Inc.
- AutoNation Inc.
- CarMax Inc.
- AutoZone Inc.
- Lithia Motors Inc.
- O’Reilly Automotive Inc
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